Asia Pacific Electric Coolant Pump Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Drop-In bedliners, Spray-On bedliners, and Others) and Material (Polyurethane, Aluminium Carpet, and Others)

Asia Pacific Electric Coolant Pump Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Drop-In bedliners, Spray-On bedliners, and Others) and Material (Polyurethane, Aluminium Carpet, and Others)

The electric coolant pump market in Asia Pacific is expected to grow from US$ 870.38 million in 2022 to US$ 2,307.06 million by 2028; it is estimated to grow at a CAGR of 17.6% from 2022 to 2028.

Growth in Number for Electric Vehicles

Electric vehicles have several sources of heat generation. However, they do not generate temperatures as high as an internal combustion engine. An electric water pump is powered by the vehicle’s electrical system. There can be up to two or three water pumps in an electric vehicle. The EV control unit turns them on only when the circuit needs cooling. Thus, the rise in the number of EVs on the road is expected to drive the demand for electric coolant pumps. The supportive government regulations is also strengthening the demand for electric vehicles. As electric coolant pumps help reduce carbon emissions, the implementation of stringent emission norms globally is expected to propel the electric coolant pump industry growth significantly. For instance, the introduction of Euro VI and China VI pushed automotive manufacturers to employ fuel-efficient technologies such as electric coolant pumps in their electric vehicles. The increase in number of contracts and rising demand for coolant pumps is further bolstering the market growth. For instance, in April 2022, Concentric AB received a new development contract to supply electric coolant pumps for a fuel cell application. As the company supply e-pumps to many global OEMs for their hybrid and battery electric vehicles it is further propelling the demand for more electric coolant pumps. Thus, such trends for the adoption of electric coolant pumps for the EV industry are fueling the market growth.

Market Overview

Asia Pacific is expected to witness significant growth in the coming years due to a rise in automotive manufacturing and research & development activities. Several emerging economies, such as China, South Korea, and India, are taking initiatives to gain traction among automotive OEMs and increase the number of manufacturing facilities across the region. Moreover, the increasing sales of passenger cars and the growing demand for electric vehicles are projected to boost the demand for electric coolant pumps over the next few years. Major automakers & suppliers are increasing their focus on enhancing their global footprints in target markets by boosting the production of vehicles and automotive components. For example, in 2019, Tesla started the construction of its manufacturing plant in Shanghai, China. South Korean manufacturers are also making efforts to catch up with large-scale investment plans in overseas production plants, which, in turn, is expected to offer new opportunities for market growth in the coming years.

Asia Pacific Electric coolant pump Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Electric coolant pump market Segmentation

The Asia Pacific electric coolant pump market is segmented on the basis of application, power, vehicle type, propulsion type, pump type, and country. Based on application, the Asia Pacific electric coolant pump market is segmented into engine cooling & HVAC, battery & power electronics cooling, and gearbox cooling. The engine cooling & HVAC segment held the largest market share in 2022.

Based on power, the Asia Pacific electric coolant pump market is bifurcated into below 100 W and above 100 W. The below 100 W segment held a larger market share in 2022.

Based on vehicle type, the Asia Pacific electric coolant pump market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment held the largest market share in 2022.

Based on propulsion type, the Asia Pacific electric coolant pump market is segmented into ICE, electric, and hybrid. The ICE segment held the largest market share in 2022.

Based on pump type, the Asia Pacific electric coolant pump market is bifurcated into with ECU and without ECU. The without ECU segment held a larger market share in 2022.

Based on country, the Asia Pacific electric coolant pump market is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. China dominated the market share in 2022.

Aisin Seiki Co. Ltd.; Continental AG; Hanon Systems; Hitachi Automotive Systems, LTD.; Johnson Electric Holdings Limited; Mahle GmbH; Rheinmetall Automotive AG; Robert Bosch GmbH; GMB CORPORATION; and VOVYO Technology Co. Ltd are the leading companies operating in the Asia Pacific electric coolant pump market.

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